Today, the USDA's National Agricultural Statistics Service (NASS) released the first survey-based forecasts of 2015 corn and soybean production in the August Crop Production report. To understand the methodology for those forecasts see our farmdoc daily article from Monday, a more extensive description in this Marketing and Outlook Brief, or the USDA publication "Understanding USDA Crop Forecasts." The USDA's World Agricultural Outlook Board also released new projections of corn and soybean consumption, ending stocks, and average price for the 2014-15 and 2015-16 marketing years in the monthly WASDE report. Projections for the rest of the world were also updated in the WASDE report. Here we review some of the new projections and the implications for corn and soybean prices. All of the projections will be updated by USDA in upcoming Crop Production and WASDE reports so we also address some of the anticipated changes in future projections.
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8.20.2015